Further to our News Release of October 6, 1999 International PBX Ventures Ltd. is obliged to restate that the Tierra de Oro Property is an early stage exploration project and to date insufficient work is defined by VSE Junior Mining Standards Appendix 19E, sections 4.1 and 4.2 has been completed and hence on the advice of the VSE, International PBX Ventures Ltd. wishes to retract paragraph 3, points 2 and 3 which refer to potentially mineable grades and contained ounces of the exploration targets discovered to date on the Sierra Chanchero gold camp.
On behalf of the Board
"Terence Walker, M.Sc, P. Geo."
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.
INTERNATIONAL PBX VENTURES LTD.
Trading Symbol: IVU - Vancouver Stock Exchange